NEW YORK (TheStreet) -- Shares of Pfizer (PFE) were lower in mid-morning trading on Tuesday after the biopharmaceutical company reported third-quarter results that fell short of analysts' estimates and reduced its full-year earnings outlook.

"(The stock isn't down that much) and it shouldn't be," TheStreet's Jim Cramer said on CNBC's "Squawk on the Street" this morning.

"It was an in-line quarter. It was not great, it was not bad," Cramer added, "Not that the numbers are anything to write home about, but the numbers were in line."

The company also increased the lower end of its fiscal 2016 revenue guidance.

"The revenue guidance was narrowed upwards...The people who sold this thing down simply did not bother to read the whole release," Cramer stated.

"Pfizer was not bad, okay. It wasn't great, not bad," Cramer contended.

Cramer also mentioned that Pfizer is discontinuing its cholesterol drug Bococizumab.

(This stock is held in David Peltier's Dividend Stock Advisor portfolio. See all of his holdings with a free trial.)

Separately, TheStreet Ratings Team has a "Buy" rating with a score of B- on Pfizer stock.

The company's strengths can be seen in multiple areas, such as its revenue growth, largely solid financial position with reasonable debt levels by most measures and expanding profit margins.

The team believes its strengths outweigh the fact that the company has had lackluster performance in the stock itself.

Recently, TheStreet Ratings objectively rated this stock according to its "risk-adjusted" total return prospect over a 12-month investment horizon. Not based on the news in any given day, the rating may differ from Jim Cramer's view or that of this articles's author.

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